PINAR ENTEGRE ET VE UN SAN. A.. PINAR ENTEGRE ET VE UN SAN. A.. - - PowerPoint PPT Presentation

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PINAR ENTEGRE ET VE UN SAN. A.. PINAR ENTEGRE ET VE UN SAN. A.. 2011 Q3 Investor Presentation Pnar Et Highlights Innovative and pioneer #1 processed meat brand that Hygenic and EU standard comes to mind* production More

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SLIDE 1

PINAR ENTEGRE ET VE UN SAN. A.Ş. PINAR ENTEGRE ET VE UN SAN. A.Ş.

2011 Q3 Investor Presentation

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SLIDE 2

Pınar Et Highlights

  • Innovative and pioneer
  • More than 300 SKUs
  • R&D expertise

Product Portfolio

  • #1 processed meat brand that

comes to mind*

  • Most admired brand in

packaged meat category **

  • Among Turkey’s

Superbrands***

Brand Equity

  • Hygenic and EU standard

production

  • Technical expertise & sectoral

know how

Production

  • Food safety and quality at

every stage from supply to final product

  • ISO 9001-2008
  • ISO 14001
  • ISO18001
  • ISO 22000 HACCP

Quality

  • YBP – Turkey’s biggest

nationwide cold and frozen distribution chain

  • More than 150.000 sales

points

  • Technical know-how and

expertise

  • Synergy in the distribution of

dairy and meat products

Distribution Network

  • Purchase operations spread
  • ut to 6 territories
  • Strong relations with farmers
  • Contractual stockfarming

Supply

* Ipsos 2010 ** GFK 2010 ***Superbrands International 2008

1

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SLIDE 3

Market Dynamics

Carcass Meat Average Prices (TL)

5 10 15 20 2008 2009 2010 2011

3,1% 2,6% 0,3% 7,1%

0% 2% 4% 6% 8% 2008 2009 2010 YGB '11 Real Growth

YTD

FMCG Value Growth (ex. tobacco)

Food category which has increased its share within

61% 65% 68% 2008 2009 2010

Paketli Şarküteri Miktar Payı (%)

Processed Meat- Packaged (%)

Red meat & Poultry production in 2010 is around 2 million tons. (TSI) Red meat market is 800 tons, and nearly 8,5 billion USD Trend towards value -added products Registered delicatessen market over 100 thousand tons (1 billion USD) (Total market is estimated to be

  • ver 200 thousand tons)

Per capita red meat consumption in Turkey (32Kg), though showing improvements, is still around world average.

Source: IPSOS

2

Food category which has increased its share within FMCG from %45 to %48 through a value growth in 1H11, YoY.

Source: Nielsen

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SLIDE 4

Ahead of Competition

Pınar Et maintains its leadership with 19% market share, which is above twice the share

  • f the nearest competitor.

Products Market Share Position Frozen Ready Meal (Meat) 56% Leader Salami 34% Leader Sausage 25% Leader Soujouk 15% Leader Total Delicatessen 19% Leader Market Share Comparison Total Delicatessen 19% Leader

0% 20% 40% 60%

Frozen Ready Meal (Meat) Salami Sausage Soujouk Total Delicatessen

Pınar Nearest Competitor

The competitors in the packaged market are Aytaç, Polonez, Banvit and Maret. 3

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SLIDE 5

New Products & Product Differentiations

  • ölen Kimyonlu sucuk
  • ölen Çemenli sucuk
  • Pınar Delight sucuk
  • Pınar Gurme sucuk
  • Pınar Gurme sosis
  • Pınar Açıkbüfe Delight salam
  • Pınar Fıstıklı salam

4

! "#$%&

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SLIDE 6

Product Groups (9M11) Sales Channels (9M11)

Delicatessen; 54% Frozen Ready Fresh Meat; 13% Others; 3%

Product Groups and Sales Channels

Sales Channels (9M11)

YBP 77,5% Export 1,4% Direct 21,1%

Frozen Ready Meal; 30%

5

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SLIDE 7

Growth in Sales

Growth Rates of Product Groups

100 150 200 Million TL

9M10 9M11

12% 8%

Continued to strategy focusing on high value

Net Sales has grown by 6,8% in 9M11 compared to 9M10

6

50

Others Fresh Meat Frozen Ready Meal Delicatessen

Mill

  • 19%
  • 5%

focusing on high value added products.

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SLIDE 8

Growth in the Number of YBP Customers

80 100 120

Thousands

2008 2009 2010

20 40 60

Delicatessen Frozen Ready Meals

7

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SLIDE 9

FINANCIAL RESUL

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SLIDE 10

247 281 306 308 353 270,4 288,7

Gross Profit (Million TL) Net Sales (Million TL)

Sales & Profitability

51 62 65 65 60 44,5 48,1 38 43 41 42 40 30,0 28,2 2006 2007 2008 2009 2010 9M10 9M11 2006 2007 2008 2009 2010 9M10 9M11

EBITDA* (Million TL)

* Earnings (ex. other income and expenditures) before tax, dep. and amortization.

9

In the 9M2011; Our sales have increased by %6,8, YoY, Our gross profit, exceeded that of 9M10, due to the governmental regulations for the import of live animals and carcass meat and decreased costs there of.

2006 2007 2008 2009 2010 9M10 9M11

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SLIDE 11

(Million TL) 30.09.2011 30.09.2010 Change % Varriance

Net Sales 288,7 270,4 18,3 6,8 Cost of goods Sold (240,6) (226,0) (14,7) 6,5 Gross Profit 48,1 44,5 3,6 8,2 R&D Expenses (0,7) (0,6) (0,0) Sales, Distribution and Marketing E (15,6) (11,4) (4,2) 37,3 General Administration Expenses (10,5) (9,2) (1,2) 13,3

Income Statement

General Administration Expenses (10,5) (9,2) (1,2) 13,3 EBIT 21,4 23,2 (1,9) (8,1) Share of Results of Investments in Associates 8,6 9,1 (0,4) Other Income 0,8 0,9 (0,1) (15,7) Other Expenses (0,6) (0,2) (0,4) 201,6 Financial Income (Net) 1,7 3,2 (1,4) (45,3) Profit Before tax 31,9 36,2 (4,3) (11,8) Tax (4,7) (5,7) 1,0 (16,9) Net Profit for the Period 27,2 30,5 (3,3) (10,8) EBITDA 28,2 30,0 (1,8) (5,9) Total Assets 383,7 348,2 35,5 10,2 Equity 275,4 269,3 6,2 2,3

10

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SLIDE 12

Gross Profit Margins (%) Operation Profit Margins* (%)

Profit Margins

21,3% 21,0% 17,0% 16,4% 16,7% 10,7% 10,8% 8,6% 8,6% 7,4%

EBITDA Margins** (%) Net Profit Margins (%)

* Ex. Other income and expenditures

11

2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11 13,5% 13,7% 11,4% 11,1% 9,8% 2008 2009 2010 9M10 9M11 10,4% 13,0% 11,2% 11,3% 9,4% 2008 2009 2010 9M10 9M11

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SLIDE 13

98,8 112,0 94,7

Net Sales (Million TL)

Quarterly Results

In 3Q2011 our net sales have grown compared to both 2Q2010 and 1Q2011. %18 %13

10,6 12,2 5,9 3Q10 3Q11 2Q11

3Q10 3Q11 2Q11

EBITDA* (Million TL)

* Earnings before Interest, Tax, Depreciation, and Amortization

12

Focused on marketing investments in 2011, according to our strategies. Price competition is continuing in the market. %15 %105

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SLIDE 14

55 65

September 30, 2011 December 31, 2010

(Million TL)

September 30, 2011 December 31, 2010 Current ratio 1,72 2,22 Cash & Cash Equivalents 2,25 1,75 Leverage ratio 0,28 0,21 S/T Bank Borrowings 13,22 0,64 S/T Fin Debt/T. Fin Debt 0,51 0,06 L/T Bank Borrowings 12,58 10,25 Net Financial Debt/EBITDA 0,61 0,23 Net Financal Debt 23,55 9,13 Total Fin Debt/Equity 0,09 0,04

Basic Ratios, Net Financial Debt&Net Working Capital

A 95% rise in net cash generated

  • 65
  • 55
  • 45
  • 35
  • 25
  • 15
  • 5

5 15 25 35 45 55

Trade Recevables Trade Payables Inventories Million TL

  • Continuous focus on risk

management

  • Effective working capital

management

  • Strong balance sheet and liquidity

management

13

A 95% rise in net cash generated from operating activities 9M10 9M11 13,6 Million TL 26,5 Million TL

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SLIDE 15

Overview of 9M11

!" # $ % " # & & "

14

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  • )
  • "
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SLIDE 16

Growing above market growth rates in the segments we operate in, with; Effective price management Product portfolio targeting consumers of various segments

Strategies and Targets

2011 TARGETS Growth in Net Sales: %5 - %7 EBITDA Margin: %10 - %11 Capex: 5 - 7 Million TL Product portfolio targeting consumers of various segments Wide spread distribution Continued marketing investment.

15

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SLIDE 17

Free Float

Ownership & Participation Structure Share Performance

1 2 3 4 5 6 7 8 9

  • 20

40 60 80 100 120 140 160 180

Relative and Absolute Performance of Pınar Et Shares Relative to ISE-TUM

Pınar ET

Desa Enerji Elektrik Üretimi Otoprodüktör Grubu

Pınar Anadolu Gıda San. ve Tic. A..

Pınar Foods GmbH, Germany

Yaar Birleik Pazarlama A.. Çamlı Yem Besicilik A.. %38,26 %23,38 %44,94 %20,00 %26,41 16

ISE-TUM (Left Axis) PETUN (Right Axis)

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SLIDE 18

Disclaimer and Contact Information

* & &&% % "*%( + %% " #& !& && & ",- . & % % %" '+ &%%%"(" " %%%""" %&" Investor Relations Departmant Tel: 90 232 482 22 00 Fax: 90 232 484 17 89 investorrelations@pinaret.com.tr 17

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SLIDE 19
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SLIDE 20

APPENDIX

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SLIDE 21

Company History

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SLIDE 22

Supply

Purchase operations spread out 6 territories with 10 vets and agriculture engineers, 7,000 farmers, yearly 50,000 cattles supply. Improves and supports “Contracted Stockfarming” in order to supply best quality cattle under control of Vets Red meat is procured primarily from cattle farmers in 21 Turkey All live turkeys and a small part of cattles are sourced from the Group’s agribusiness unit, Çamlı Yem Besicilik The Group aims to sustain and further develop its competitive advantage in the meat industry by continuing to adopt policies for food safety and traceability

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SLIDE 23

Production

G8 <'E=

*(+ *

  • 22
  • The first Quality management system documents owned

in its sector# +5345 (111# '2111# ')11'#

00111

  • Cooperation with McDonald’s from the beginning of its
  • perations in Turkey.
  • SAI GLOBAL independent organization audits each year

High level of hygiene and quality at every stage

+> DD1#1110 A> 2E&1110

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SLIDE 24

Sales & Distribution

12 32( ,45 *(+ & % 6 4 & * & & & 4 78' 4 9:8' * (%% ( % 4 & & ; & %( *( & !& 45 < % ; *(

23

4 HB

  • YBP Ownership Structure

PINAR SÜT; 32% YAŞAR HOLDİNG ; 22% DİĞER; 8% PINAR ET; 38%

Others